Gold & Silver: How Supply Constraints Influence Prices
Gold and silver move for many reasons, but supply constraints are one of the most persistent forces behind sharp price behavior. It is easy to talk about “demand” in broad strokes, yet the price you see in a liquid market often reflects the uncomfortable truth that physical metal is not as infinitely interchangeable as a spreadsheet implies. When it gets harder to obtain bullion in the right form, at the right time, and delivered into the right market, prices adjust quickly